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Subprime Collapse

Started by D Lim; Last updated Feb 29, 08 6:23 AM CST by Imperator | View history

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Subprime Collapse

From the housing market to hedge funds, as the subprime market goes belly up, America's thirst for cheap cash is coming back to haunt speculators

Stories

Stories 441 - 460 of 527

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August 2007
- Wall Street Up, Up, and Away for Holiday Weekend
  
  MarketWatch | Aug 31, 07 4:42 PM CDT
  
  (Newser) - On the eve of the holiday weekend, the major markets jumped today, riding encouraging comments by President Bush and Ben Bernanke to broad advances that pushed their monthly gains above 1%. The Dow, which saw 28 of 30 stocks rise, finished up 119.01 points, closing at 13,357.74. Citigroup and JP Morgan led a financial-sector rally. More »
- Bush Promises Mortgage Relief
  
  Bloomberg | Aug 31, 07 2:52 PM CDT
  
  (Newser) - The government will roll up its sleeves and aid homeowners battered by the subprime mortgage crunch, but it will forsake “speculators” trying to exploit the crisis, President Bush said today. The FHA will step in and help delinquent borrowers avoid foreclosure by refinancing at lower rates, but experts predict more than 2 million Americans will lose their homes, Bloomberg reports. More »
- Bernanke Vows to Combat Mortgage Mess
  
  Bloomberg | Aug 31, 07 1:07 PM CDT
  
  (Newser) - In his first comments on the subprime mortgage meltdown, Ben Bernanke today vowed the Federal Reserve “will act as needed” to contain the turmoil, preventing it from weakening the broader economy. The Fed chief pledged the central bank would “take additional actions” if necessary. “It is clear now the Fed is on the ball,” an economist said. More »
- Bush to Unveil Bailout Plan in Mortgage Crisis
  
  Reuters | Aug 31, 07 5:42 AM CDT
  
  (Newser) - President Bush will announce a rescue package for homeowners with subprime mortgages faced with foreclosure. The package will include a call for Congress to give the Federal Housing Administration more power to help borrowers keep their homes—and stricter enforcement of laws against predatory lending, Reuters reports. More »
- Stocks Shake Before Fed Speech
  
  Wall Street Journal | Aug 30, 07 4:31 PM CDT
  
  (Newser) - Technology shares are still on the rebound, but the credit market continues to shake other stocks as traders await Ben Bernanke's speech on Friday. The tech-heavy NASDAQ gained 2.14 today, to close at 2565.30. But the Dow slipped 50.56 to 13238.73, and the S&P 500 fell 6.12 to 1457.64. More »
- Freddie Mac Posts 45% Net Drop
  
  Wall Street Journal | Aug 30, 07 9:51 AM CDT
  
  (Newser) - Freddie Mac posted a 45% drop in net income for the second quarter, and said the outlook wasn't rosy for the third. The home-mortgage financier was hit with a $320 million loss on new mortgages. Freddie Mac doesn't buy subprimes directly, but is still affected by the general mortgage turmoil. More »
- Mortgage Mess Was 100% Avoidable
  
  American Prospect | Aug 29, 07 7:39 PM CDT
  
  (Newser) - Blame for the current economic disaster should be placed squarely on the shoulders of the US government, for deregulation that allowed speculators to cash in, writes the American Prospect’ s Robert Kuttner. Helping boost "ordinary people" into the "propertied class" has fallen out of favor in Washington, with the savings and loan crisis a precursor to the current mess. More »
- Credit Crisis Spurs Calls for New Oversight
  
  New York Times | Aug 29, 07 2:32 PM CDT
  
  (Newser) - Financial regulators and politicians across Europe and Asia are banding together to demand an international role in the oversight of American markets. The subprime meltdown has demonstrated that fluctuations in American markets can wreak havoc the world over, the Times reports, and now international players are wondering why they must shoulder American risk without any say in oversight. More »
- Plastic May Pose Next Big Threat to Economy
  
  Chicago Tribune | Aug 26, 07 4:54 PM CDT
  
  (Newser) - The subprime mortgage crisis may spark another financial disaster: bad credit card debt. When rates hit 50-year lows, many owners borrowed against their homes to pay off high-interest credit cards. Now, with rates increasing, many may not be able to pay down both their mortgages and their credit cards, the Chicago Tribune reports, and will default or go bankrupt. More »
- US Median Home Price to Drop
  
  New York Times | Aug 26, 07 3:08 PM CDT
  
  (Newser) - The median cost of an American home, now $220,000, is expected to drop this year for the first time since tracking began in 1950, reports the New York Times. The decline will be modest—1 to 2%—but could last into 2008 and 2009, meaning that, adjusting for inflation, homes aren't likely to return to their 2007 value for more than a decade. More »
- Credit Crunch Continues, and So Do Ads
  
  Washington Post | Aug 24, 07 6:43 AM CDT
  
  (Newser) - As the credit crunch transforms the financial landscape, one thing hasn't changed: lenders continue to offer loans that are too good to be true. The Washington Post writes that mortgage companies are still offering risky products to risky customers—even Countrywide, which barely avoided bankruptcy, is flogging cheap money with the slogan "We make it easy!" More »
- World Markets Climb After Countrywide Stock Sale
  
  Bloomberg | Aug 23, 07 9:21 AM CDT
  
  (Newser) - Markets climbed worldwide after Bank of America invested $2 billion in Countrywide, giving the mortgage lender a desperately needed injection of cash and proving some appetite is left as subprime mortgages continue to rot. Barclays in the U.K., Mitsubishi in Japan, and Countrywide itself in Europe all saw major gains. "It's a significant vote of confidence," says an Edinburgh trader. More »
- Credit Jitters May Put KKR Offering on Ice
  
  Times (UK) | Aug 23, 07 7:45 AM CDT
  
  (Newser) - The Times of London claims that buyout firm KKR has postponed plans for a $1.25B float and a public listing because of the fallout from turbulent credit markets. The company had planned its IPO this September but has reportedly pulled back due to waning investor confidence following the subprime collapse. KKR, however, claims that the IPO is continuing full steam ahead. More »
- Bank of America Bails Out Countrywide
  
  Los Angeles Times | Aug 23, 07 6:34 AM CDT
  
  (Newser) - Countrywide came back from the brink yesterday as Bank of America bought $2 billion in preferred stock in the mortgage company, writes the Los Angeles Times . Countrywide's share price soared in after-hours trading, only a week after the credit crunch brought it to the point of bankruptcy. More »
- Monthly Foreclosures Climb Again
  
  Forbes | Aug 22, 07 2:34 AM CDT
  
  (Newser) - Foreclosure numbers were up big again in July, rising 9% from June’s figures and a whopping 93% from a year ago, an unwelcome sign for already reeling credit markets. Foreclosures rose in 43 states, but California, Florida, Michigan, Ohio and Georgia accounted for over half of the the activity, Forbes reports. More »
- Reality Bites Wall Street Whiz Kids
  
  Washington Post | Aug 21, 07 4:48 PM CDT
  
  (Newser) - The eggheads who run Wall Street's "quant funds," using complex algorithms to play the markets but neglecting the human element, screwed up as badly as everyone else during the Dow's recent dive. "They are very smart in front of a textbook but not smart enough to understand very elementary things in reality," one critic tells the Washington Post. More »
- Buffett Turns Wall Street's Frown Upside Down
  
  Wall Street Journal | Aug 21, 07 3:43 PM CDT
  
  (Newser) - Wall Street may be seeing red after weeks of volatility and losses, but Warren Buffett is seeing green as he goes bargain-hunting for the same kind of junk bonds and stocks that have netted him nearly $50 billion, the Journal reports. Downtrodden deal-makers are hoping the star investor will use his Midas touch to buffer their bottom lines. More »
- Countrywide Cuts 500 Jobs
  
  Los Angeles Times | Aug 21, 07 10:54 AM CDT
  
  (Newser) - The nation's top home lender is cutting 500 jobs in its subprime mortgage units in response to the high-risk-lending mess. Before the cuts announced yesterday, Countrywide was actively hiring workers who had been fired from other companies, the LA Times reports. Meanwhile, Capital One said it will close the unit that made jumbo loans to borrowers without fully documented assets. More »
- Dems' New Deal Can't Be Same as Old Deal
  
  American Prospect | Aug 20, 07 8:00 AM CDT
  
  (Newser) - If current market turbulence becomes a full-blown recession, a Democratic president would need revolutionary changes to solve America’s financial troubles, writes American Prospect editor Robert Kuttner. "In the short run, a faltering economy is a political windfall for Democrats," he contends, but pointing fingers at the GOP won't solve anything if the Dems inherit the problem. More »
- Asian Markets Soar After Fed's Rate Cut
  
  Bloomberg | Aug 20, 07 1:00 AM CDT
  
  (Newser) - The global equities sell-off ground to a halt today as Asian stocks had their biggest gains in five years. Responding to Friday’s cut in the US Federal Reserve’s discount rate, Japan’s Nikkei 225, Hong Kong's Hang Seng and South Korea's Kospi indexes all saw huge gains as panic over the US subprime mortgage crisis largely subsided. More »

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A for sale sign stands outside a modest bungalow on the market in southeast Denver on Monday, May 7, 2007. Sales of existing homes fell by a larger-than-expected amount in April while the median price... (Associated Press)

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Related Threads

Housing Market • Credit Market Chaos • The Big Banks • Is It Recession? • The Markets • Ben Bernanke • The Dow • Bear Stearns • Merrill Lynch • Fannie & Freddie

Background

Subprime Meltdown
Wikipedia

The subprime mortgage meltdown refers to the rash of subprime mortgage foreclosures that began in the United States in late 2006 and has continued into 2007. The sharp rise in foreclosures has caused several major subprime mortgage lenders, such as New Century Financial Corporation, to shut down or...

» Read more about Subprime Meltdown at Wikipedia

mortgage
The Columbia Encyclopedia, Sixth Edition

mortgage in law, device for protecting a creditor by giving him an interest in property of his debtor. In common law a mortgage was a conditional sale; i.e., the mortgagor (debtor) sold realty (real property mortgage) or personal property (chattel mortgage), but if the debtor paid the debt by ...

» Read more about mortgage at Encyclopedia.com

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